Ebere Nwoji

Underwriting firm, Linkage Assurance Plc, said it  recorded a strong performance across key metrics in the 2024 financial year growing its revenue by 50 per cent.

The company, which at its  31st Annual General Meeting (AGM) held in Lagos announced a bonus of five for every one share held to shareholders, said the good performance was driven by market expansion and resilient operations despite a challenging business environment.

In the company’s financial results presented to shareholders at the  meeting Linkage Assurance reported 50 per cent increase in revenue to N22.2 billion in 2024, compared to N14.84 billion in 2023.

Profit Before Tax (PBT) stood at N5.3 billion in 2024 from N5.5 billion in 2023, a slight decrease of 3 per cent YOY.

Linkage Assurance Chairman, Joshua Fumudoh, speaking at the AGM, said that despite headwinds, Linkage Assurance delivered an impressive financial and strategic performance in 2024.

He added that the company also recorded N9.48 billion investment income and other revenues during the year under review, compared to N9.06 billion in the previous year, reflecting a 5 percent increase. Total assets rose to N65.68 billion from N51.33 billion in 2023.

“Such outcomes are not merely numerical milestones; they reflect sound executive management, consistent underwriting discipline, prudent investment practices, and a board-driven culture of corporate governance, Fumudoh stated.

Looking ahead, he said the board would  continue to provide governance oversight that fosters resilience, innovation, and long-term shareholder value.

He acknowledged that the road ahead might  present challenges but emphasised that Linkage Assurance was well positioned to adapt, compete, and lead.

Meanwhile, shareholders at the meeting approved a bonus issue of one-for-five, amounting to N1, 540, 000,000.00, to be capitalised from the company’s retained earnings in order to strengthen its share capital position.

Shareholders who spoke at the meeting, including Williams Adebayo, Boniface Okezie, Nona Awoh, and Anthony Omojola commended the board and management for the impressive performance during the review period.

Also speaking  Managing Director/CEO of Linkage Assurance  Daniel Braie,     said the company’s insurance revenue growth during the review year was driven by strategic expansion across motor, fire, oil and gas, marine, and general accident lines, as well as reinforced partnerships and broker-driven distribution.

He noted that the Insurance Service Result rose to N766.9 million, a 193 percent improvement from N261.5 million in 2023, supported by enhanced underwriting, improved claims containment strategies, and continued portfolio optimisation.

The post Linkage Assurance Reports 50% Revenue Growth, Announces Bonus Issue appeared first on THISDAYLIVE.